Turkey, greece launch joint investment fund

The first exchange-traded fund investing in multiple markets was launched yesterday with ceremonies held simultaneously at the Istanbul Stock Exchange (ISE) and Athens Stock Exchange (ASE). The GT-30 fund – 30 stocks listed on the ISE and the ASE – started operations following speeches from ISE chief Huseyin Erkan and Finansbank Chairman Omer Aras. "The fund will be managed by Finans Asset Management, a subsidiary of Finansbank," Aras said, adding that it will be traded at the ISE in Turkish liras. The National Bank of Greece (NBG) Asset Management, meanwhile, will manage the fund at the ASE in euros. Nearly four years ago, 46 percent of Finansbank was sold to NBG, Greece's largest bank, whose share of the group rose to 77 percent last year. The GT-30 fund was designed as two different exchange traded funds that would be traded on both the ASE and ISE, Erkan said in his speech. He added that investors would have the opportunity to invest in both Turkish and Greek equities at the same time, "with one simple process."